American Express CFO says spending picked up at year-end, thanks to millennials and Gen Z

American Express CFO says spending picked up at year-end, thanks to millennials and Gen Z


Key Points
  • American Express’ affluent cardholders got comfortable spending more freely again late last year, Chief Financial Officer Christophe Le Caillec told CNBC.
  • Spending on AmEx cards jumped 8% year over year in the fourth quarter after slowing down from a 7% growth rate early in the year to 6% in the second and third quarters, according to the firm’s earnings presentation.
  • The pickup was especially fueled by millennials and Gen Z users, who spent more on experiences such as travel and entertainment.



Source

Stocks making the biggest moves after hours: Nucor, Waste Management, F5, NXP and more
Finance

Stocks making the biggest moves after hours: Nucor, Waste Management, F5, NXP and more

Check out the companies making headlines in after-hours trading. Nucor — Shares of the steel products manufacturer added 3% after reporting strong results for the third quarter. Nucor said its earnings per share for the period was $2.63 per share, exceeding its earlier guidance that suggested earnings would be between $2.05 and $2.15 per share, […]

Read More
Stocks making the biggest moves midday: Qualcomm, Fermi, Dyne Therapeutics, Organon, Snowflake and more
Finance

Stocks making the biggest moves midday: Qualcomm, Fermi, Dyne Therapeutics, Organon, Snowflake and more

Check out the companies making the biggest moves midday: Qualcomm — The chipmaker soared more than 11% after announcing artificial intelligence processors to compete with AMD and Nvidia . The AI chips are a shift for Qualcomm , which has previously focused on semiconductors for wireless connectivity and mobile devices, not massive data centers. Intellia […]

Read More
Berkshire Hathaway downgraded to sell by KBW, citing Buffett succession, ‘many’ other issues
Finance

Berkshire Hathaway downgraded to sell by KBW, citing Buffett succession, ‘many’ other issues

Keefe, Bruyette & Woods downgraded Berkshire Hathaway to underperform, warning that Warren Buffett’s succession risk and a slew of business-specific headwinds could weigh on the conglomerate’s earnings and share performance over the next year. The brokerage slashed its rating to the equivalent of sell from neutral, and cut its price target for Berkshire’s Class A […]

Read More